Identity as currency
Identify is the new currency in the digital age, as it becomes essential for accessing services, making payments and controlling your assets (Car, Phone, Home). At the same time security threats are increasing and the movement of people around the world is driving new uncertainty and challenges for tracking and identifying individuals. In response we are seeing multiple versions of the identity truth, with different levels of security and multiple requests for the same data. Banks are in a position where they need to hold a definitive, trusted version of identity for multi-level access whilst also holding out the opportunity to link to other forms of e-ID, through effective federation and the use of Adaptive Authentication. At the same time individuals want control and visibility of their own identify and how it is being used.
Managing identity through a secure distributed ledger
Leveraging a distributed, secure ledger with blockchain, which can be accessed by different trusted parties under the control of the individual, provides a vehicle to address the Identity management challenges above. Blockchain’s ability to cope with different trust mechanisms and to provide a history of all transactions provides added security and puts control in the hands of the individual.
We are seeing rapidly increasing interest in this approach as well as pilot deployments across industries including government, travel and banking. In the Nordics the banks have already collaborated to define a common e-ID standard which allows access to wide range of digital services from one’s banking application, setting a model that could be followed in a blockchain ID world.
Using blockchain for e-ID solves the conundrum of how to put Identity in the control of the individual while having a common platform which all service providers can be granted access. The ledger allows multiple levels of authentication and its real-time nature allows adaptive authentication, based on context to be built in as well. The use of the distributed ledger in the public cloud means that services can scale effectively and securely without reliance on dedicated platforms or specialist hardware.
Capgemini’s banking and security specialists have invested in use cases to look at identity management using blockchain. Our proven approach to applied innovation lets you test out new ideas in an accelerated environment to meet the fast pace of change in today’s banking and financial services industry.